If the last 40 years were a time for establishing the foundation of K-fashion, I am confident that the next 40 years will be a journey to leap forward as a top 5 fashion powerhouse on the global stage.
Sung Rae-eun, president of the Korea Fashion Association (Youngone Holdings vice chair), said this at the 40th anniversary celebration of the Korea Fashion Association held on Nov. 11 at the FKI Tower in Yeouido, Seoul.
The Korea Fashion Association was established as a private organization in 1985, a time when the concept of fashion was still unfamiliar, and this year marks its 49th anniversary. Currently, 400 corporations are active, and the association is implementing corporate support policies to respond to industrial paradigm shifts such as global expansion, innovation in clothing manufacturing, and the introduction of a digital ecosystem.
Chairman Sung noted, "Today, the fashion industry plays a crucial role in our economy, with about 194,000 enterprises and approximately 440,000 people employed, forming the second largest market size with an annual retail market of 84 trillion won." He added, "The Korea Fashion Association has not stopped challenging itself in line with this trend and has created new opportunities."
He continued, "The association has made efforts in various areas, including global support expansion, revitalization of the domestic fashion market, innovation in clothing manufacturing, and protecting the interests of member corporations." He stated, "If the last 40 years was a time to lay the foundation for K-fashion, the next 40 years will be a journey to leap forward as a top 5 fashion powerhouse on the global stage. I will support all of you fashion professionals to become the main players of the future and encourage you to keep pushing forward."
A 'global fashion forum' was also held during the event. The global fashion forum is an event that the Korea Fashion Association has hosted for the 17th time since 2009, where growth requirements of K-fashion brands and success strategies in the global market are discussed.
The forum was held under the theme "Now, it’s K-fashion's turn." Lee Jae-sang, CEO of HYBE, who delivered the keynote speech, introduced HYBE's global market entry strategy called the "second home market" strategy, emphasizing that "the global market is a combination of each local market" and when we become true local players, true globalization can be achieved.
Im Jeong-min, the total head of Signite, who conducted the panel discussion, said, "Korean fashion is no longer a follower but a global leader," adding, "Everyone is trying to follow Korean fashion. More effort is needed to maintain our stature over the next 40 years."